Palantir Is Added To The S&P 500! Positive News For The Stock

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Palantir Is Added To The S&P 500! Positive News For The Stock

September 10th, 2024 -

About 2 Mins

Palantir Technologies (PLTR) has sparked debate on Wall Street, but its inclusion in the S&P 500 has energized supporters.

After Friday’s market close, S&P Dow Jones Indices announced changes: Palantir will replace American Airlines; Dell Technologies will replace Etsy; and Erie Indemnity will take Bio-Rad Laboratories’ spot before trading begins on Sept. 23.

Joining the S&P 500 is more challenging than entering the Russell 1000 due to stricter profitability requirements over four quarters under GAAP standards.

Opinions differ sharply about this software and data-integration firm. Supporters highlight its AI platform’s potential for profit growth amid rising demand, while skeptics question if it’s overvalued.

Wedbush analyst Dan Ives views Palantir’s addition as a pivotal moment for future growth driven by their AI capabilities. He cited a multi-year cycle of significant deal flow thanks to increased adoption of their artificial intelligence platform (AIP).

An example is Palantir’s recent five-year agreement with BP to enhance strategic collaboration through new AI tools designed to improve decision-making processes using automated data analysis.

Following these announcements, Palantir shares rose by 8.2% in premarket trading Monday, reaching $32.81.

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